An “ Alternating Recognition ” Model of English Auctions

@inproceedings{Harstad2000AnA,
  title={An “ Alternating Recognition ” Model of English Auctions},
  author={Ronald M. Harstad and Michael H. Rothkopf},
  year={2000}
}
We present an alternative abstraction of an English (oral ascending) auction to the standard, in Milgrom and Weber (1982), that accords more closely with practices in some auction markets. In particular, the assumptions that exits are irrevocable and necessarily public are dropped, making endogenous the decision to compete silently and privately, or openly. In the model, the price rises in a stylization of an auctioneer alternately recognizing two bidders who affirm willingness to pay the… CONTINUE READING

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